Quick Start: Inventory Revaluation

Owned by Jeff Ma (Unlicensed)
Last updated: Jun 22, 2015 by Glen Thonis (Unlicensed)
1 min read

Once in a while, you need to revalue what your inventory actually costs. Example of this could be that you enter the wrong price in the A/R Invoice or that the price is no longer reflective of the the actual value.

Step-by-step guide

  1. Go to Inventory->Inventory Transactions->Inventory Revaluation in your Modules tab
  2. Select the Revaluation Type you want (See notes below)
  3. Find your item in the Item No. column
  4. Fill out, or review, the data the in the required columns 
  5. Click Add when you are done.

You can go into your Item Master Data, go to your Inventory Tab and your inventory should now reflect the changes made.

 

Note: You have two ways to revalue the inventory:

  • Price Change – select to change the cost of the item. The inventory value will be adjusted by the difference in the current cost and the new price you enter.

  • Inventory Debit/Credit – select to revalue inventory by a specific dollar amount you enter, which will cause the item cost to change accordingly.

For an in-depth tutorial of journal entries please refer to Training 301 - Production